BP said the central view used in the main scenarios is that global economic activity partially recovers from the impact of the pandemic over the next few years as restrictions are eased, but that some effects persist.
The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter.
GGEF already includes investments from the Government of India, through the National Investment and Infrastructure Fund (NIIF), and the UK government, through the Department for International Development (DFID).
The global energy industry has been hit hard by the pandemic as the widespread limits on business, travel and public life reduced the need for oil, gas and other fuels.
The three projects will help reverse the falling gas output from what was once the biggest gas-producing block in the country.
MJ, or D55, development is the third project that the partners have taken up to revive flagging natural gas production from KG-D6 block.
Senior executives in the joint venture said four deepsea satellite gas discoveries -- D—2, 6, 19 and 22 are planned to be developed together with D29 and D30 finds in the Krishna Godavari basin of KG-D6 block.
The government has named former Supreme Court Judge G S Singhvi on the three-member arbitration panel that will decide on the validity of its USD 1.55 billion compensation claim from Reliance Industries for "unfairly enriching" and producing natural gas belonging to ONGC.
Global energy giants Exxon Mobil, Chevron and BP plc as well as domestic players like Reliance Industries are unlikely to bid in the auction of 46 discovered small oil and gas fields that closes on Monday.
The government has formally granted a licence to BP Plc, Europe's third-biggest oil company, to set up 3,500 petrol pumps in India, making it the 10th company to enter the lucrative fuel retailing sector.
BP will be the tenth player to enter the lucrative fuel retailing business that is seeing double digit growth, not seen anywhere in the world.
"India is a huge market ... Obviously we are a very large player globally in the aviation business, so it makes sense for us to be here," said Sashi Mukundan, regional president and India country head for BP .
Reliance Industries (RIL) has decided to relinquish two gas discoveries off the east coast and opted to carry out government prescribed confirmation tests to retain three other finds.
There are negotiations on signing a firm term sheet for beginning of supplies, another source said. At the time of signing crude deal, Russian bank VTB had inked a deal to open a USD 1 billion credit line to Essar.
The ministry, which had in March rejected BP's application to sell ATF on the ground that its investment does not qualify for a retailing licence, says the Europe's second-largest oil company can still get the licence provided it meets the eligibility criteria
Demand for aviation fuel in India could rise by 2.2 percent in the financial year beginning in April, according to the Petroleum Planning and Analysis Cell in the federal oil ministry.
Reliance Industries and its partners BP Plc of UK and Canada's Niko Resources may have to provide a maximum of USD 1.2 billion in bank guarantees over three years to get nearly double the rate for natural gas being produced from the main fields in KG-D6 block.
Reliance Industries will repair a third of the wells shut at its main gas field in the eastern offshore KG-D6 block to boost output in the first quarter of 2014.
The meetings come at a time when the Oil Ministry at the insistence of the Finance Ministry is seeking to deny RIL-BP a gas price revision for producing less than projected gas from their eastern offshore KG-D6 fields.
Reliance Industries and its partner BP Plc on Thursday won approval to invest USD 3.18 billion in R-Series gas field in the flagging KG-D6 block. RIL-BP plan to quickly bring satellite fields in the KG-D6 block to production to help reverse the decline in output.
Reliance Industries (RIL) on Friday announced a huge natural gas discovery, possibly the biggest find ever, in the flagging eastern offshore KG-D6 block that will be key to arresting falling output.
India's coal imports rose by nearly a third to a record 135 million tonnes in the last fiscal year, data from government sources showed, and are set to grow further as the world's third-biggest producer struggles to raise domestic supplies.
The government has asked for certain clarifications from Reliance Industries on the revised investment plan the company had submitted for the main gas producing fields in the eastern offshore KG-D6 block.
After hearing claims that BP Plc put profits above safety in the first day of court testimony over the 2010 Gulf of Mexico disaster, a senior executive for the oil company insisted the blame should be shared.
Reliance Industries said the company and its partner BP Plc plan to jointly invest more than USD 5 billion over the next three to five years to boost output at a key natural gas field off India's east coast.